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HONG KONG: Asian markets sank on Wednesday as an upbeat assessment of the US economy by Federal Reserve (the Fed) Chairman Jerome Powell fanned new fears of a sharp rise in interest rates. In his closely watched debut before lawmakers, the new central bank chief said the outlook had improved since December, when US President Donald Trump pushed through massive across-the-board tax cuts. While it was a positive sign for the world’s top economy, the appraisal spooked investors already on edge at the prospect of higher borrowing costs. They forecast four rate increases this year, rather than the previously expected three. Stephen Innes, head of Asia-Pacific trading at foreign-exchange firm Oanda, said Powell’s tone suggested he would be moderate. He added, however, that “his pointer at the topside potential for both inflation and growth suggests the risks are skewed for a bolder monetary policy response.” The Fed boss’ comments sent all three main Wall … [Read more...] about Asian markets track losses at Wall Street

HONG KONG: Asian markets sank on Wednesday as an upbeat assessment of the US economy by Federal Reserve boss Jerome Powell fanned new fears of a sharp rise in interest rates. In his closely watched debut in front of lawmakers the new central bank boss said his view of the outlook had strengthened since December, when Donald Trump pushed through massive across-the-board tax cuts. While a positive sign for the world’s top economy, the appraisal spooked investors — already on edge over the prospect of higher borrowing costs — into betting on four rate hikes this year rather than the three previously expected. Stephen Innes, head of Asia-Pacific trading at OANDA said Powell’s tone suggested he would be moderate, but added that “his pointer at the topside potential for both inflation and growth suggests the risks are skewed for a bolder monetary policy response”. The Fed boss’s comments sent all three main Wall Street indexes plunging more … [Read more...] about Asian markets tumble with Wall St as Fed boss fans rate fears

By sometime later this summer, Congress will have to raise the nation’s debt ceiling. Both Congress and the Trump administration are starting to firm up their positions. Failing to raise the ceiling could lead to catastrophic effects on the economy. The deadline that led to the night President Barack Obama once called the “scariest moment” of his presidency is once again on the horizon in Washington. Raising the debt ceiling: At its core, a seemingly simple function of Congress. But the battle over raising the cap on how much debt the federal government can incur emphasizes divides not only in Congress but also within President Donald Trump’s administration. Failing to reach a deal to raise the nation’s borrowing limit, however, could be disastrous for the global economy and possibly undermine large swaths of the international financial system. “I want to emphasize that the sooner they do it, the less … [Read more...] about Trump is starting to draw battle lines with Congress on an issue with huge implications for the global economy

The Japanese yen is falling in quiet trading on Tuesday. Against the US dollar, the yen is weaker by 0.2% at 117.374 as of 8:08 a.m. ET. Data released earlier showed that consumer prices slumped 0.6% year-over-year in Tokyo, making for the biggest drop since February 2013, and showing that Japan’s economy still lacks inflation. Employment data were also released, showing that the jobless rate ticked up to 3.1%. Here’s the rest of the scoreboard:The dollar is hovering near its best level in 14 years. The US Dollar Index is up 0.17% to 103.12. “As skeleton teams return to the trading desks in New York, the US dollar is largely where they left it at the end last week,” wrote Marc Chandler, global head of currency strategy at Brown Brothers Harriman, in a note. “Japanese markets were open yesterday, while UK, Australia, New Zealand, Hong Kong and Canadian markets are still closed today.” The South African rand is among the best … [Read more...] about The yen is falling as ‘skeleton teams’ return to work

South Africa’s rand fell to a record low against the dollar on Wednesday. After touching a new low earlier in the day, it tanked again after the country’s President Jacob Zuma issued an unexpected statement saying he was removing his finance minister, Nhlanhla Nene. In a statement on the presidency’s website, which crashed shortly after the announcement crossed, Zuma said the minister had done well in a “difficult economic climate.” The rand plunged 3% to as low as 15.0563 against the dollar. The statement crossed after South African markets had closed. Just like many other currencies used by countries that are big commodity exporters, the rand has been punished this year. South Africa is a major producer of metals including platinum and gold. And as the prices of those commodities dropped with virtually everything else, the country’s economy felt the pain. On Tuesday, South Africa reported that its current account deficit … [Read more...] about South Africa just fired its finance minister, and now its currency is crashing